A bullish breakout above the zone of 1.2770-1.2800 was observed on July 15.

The long-term bullish target was projected towards the level of 1.3270 (100% Fibonacci Expansion). However, bulls have moved further above the resistance level, which was bypassed on September 23.

A significant bearish rejection was observed around 1.3450 where 141.4% Fibonacci Expansion was roughly located.

Later on October 1, bearish persistence below 1.3270 (Fibonacci Expansion 100%) was expressed to maintain enough bearish pressure to expose the next support levels around 1.2910 and 1.2750 where long-term buy entries should be considered.

On the other hand, the price zone of 1.3075-1.3100 constitutes an intraday resistance to be watched for intraday sell entries.

As anticipated, it offered a valid sell position on Tuesday last week and it’s being revisited again today.

The current price levels may offer another SELL entry if enough bearish rejection is expressed by the end of the day (Daily candlestick closure below 1.3075).